Tex. Gov't Code § 2257.043

DEPOSITORY AS CUSTODIAN OR PERMITTED INSTITUTION

Known as the Public Funds Collateral Act

The act spans §§ 2257.001 to 2257.114 (41 sections).

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff

(a) A public entity other than a state agency may prohibit a depository or an entity of which the depository is a branch from being the custodian of or permitted institution for a security the depository pledges to secure a deposit of public funds.

(b) A depository or an entity of which the depository is a branch may not be the custodian of or permitted institution for a security the depository pledges to secure a deposit of public funds by a state agency.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.